Let’s talk about something that might sting a little.

When was the last time you reviewed your mortgage?

Not your Netflix subscription.

Not your cell phone plan.

Not whether you’re paying too much for strawberries these days.

Your mortgage.

For most Canadians, their mortgage is the single largest financial commitment they’ll ever have, yet many people sign the paperwork and don’t think about it again until renewal time.

That’s a bit like buying a car and never changing the oil.

“But My Mortgage Is Fine…”

Maybe.

Maybe not.

Over the last year, I’ve reviewed mortgages for homeowners who thought everything was working perfectly, only to discover opportunities to save hundreds or even thousands of dollars every month.

Sometimes it’s because rates have changed.

Sometimes it’s because life has changed.

And sometimes it’s because nobody has looked at their mortgage strategy in years.

Your Mortgage Should Evolve With Your Life

Think about where you were three years ago.

Different income?

Different goals?

Different family situation?

Different debt levels?

Maybe you’ve received a raise.

Maybe you’ve started a family.

Maybe you’ve accumulated some high-interest debt.

Maybe you’re planning renovations.

Maybe you’re thinking about buying a rental property.

The mortgage that made sense then may not be the mortgage strategy that makes sense now.

Real Savings Are Happening

A mortgage review isn’t about finding a lower rate just for the sake of finding a lower rate.

It’s about looking at the whole picture.

We’ve helped clients:

• Reduce monthly payments

• Consolidate high-interest debt

• Improve cash flow

• Create a plan to become mortgage-free sooner

• Position themselves for future home purchases

In some cases, homeowners have improved their monthly cash flow by over $2,000 per month.

Not because someone waved a magic wand.

Because they finally reviewed a mortgage that hadn’t been looked at in years.

The Cost of Doing Nothing

Here’s the uncomfortable truth.

Doing nothing is still a decision.

Every month that passes without reviewing your mortgage strategy is another month you could be missing opportunities to improve your financial position.

Maybe there aren’t any changes to make.

That’s great.

At least you’ll know.

But if there are opportunities available, wouldn’t you rather find out now instead of years from now?

The Good News

A mortgage review doesn’t obligate you to make any changes.

There is no pressure.

No commitment.

No awkward sales pitch.

Just a conversation about where you are today and whether your mortgage is still helping you achieve your goals.

Sometimes the best outcome is confirming you’re already in a great position.

Sometimes it’s discovering opportunities you didn’t even know existed.

Let’s Find Out

If it’s been more than a year since you’ve reviewed your mortgage, or if your life has changed significantly since you got it, it might be time for a second look.

Because if there is an extra $500, $1,000, or even $2,000 hiding in your monthly budget, wouldn’t you rather keep it than give it away?

And if everything looks perfect?

You can go back to worrying about the price of strawberries.

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Livian Smith
Mortgage Broker | Advice for Life

Ready for a complimentary mortgage review?

Head over to LivianSmith.ca to learn more and book a time to chat.

 

Now for some news that doesn’t make us want to lie down in the Costco parking lot.

Housing costs continued to cool in May.

Mortgage interest costs actually declined slightly compared to last year.

Rent inflation also eased to its slowest pace since early 2022.

In other words, after spending the last few years behaving like an unsupervised toddler who found a drum set and an energy drink, housing costs are finally calming down.

For homeowners and future buyers, that’s encouraging news.

It’s the financial equivalent of hearing, “We’re all good here.”

So… Are Interest Rates Going Up Again?
I know.

You didn’t read 800 words about inflation because you’re passionate about economic indicators.

You want the answer to one question:

“Are rates going up again?”

According to Dr. Sherry Cooper, probably not.

Her expectation is that the Bank of Canada will remain on hold through the rest of 2026.

Which is economist language for:

“Everybody keep your hands and feet inside the ride.”

The inflation numbers the Bank really pays attention to are still behaving themselves.

Nobody at the Bank of Canada appears to be running through the hallways screaming into a clipboard.

What Does This Mean for You?
It means you can stop checking mortgage rates every time you open your phone.

At least for now.

The reality is that most Canadians aren’t being crushed by one giant expense.

They’re being nibbled to death by ducks.

Gas is up.

Groceries are up.

Insurance is up.

Your streaming subscriptions somehow multiplied while you weren’t looking.

And every trip to Costco starts with:

“I’m just grabbing one thing.”

Which is adorable.

Twenty minutes later you’re wheeling out a kayak, a flat of sparkling water, and enough snacks to survive a minor apocalypse.

That’s why reviewing your finances matters.

Not because something is wrong.

But because small leaks become big leaks.

I’ve reviewed mortgages for clients who were convinced everything was fine, only to discover opportunities that could save them hundreds or even thousands of dollars each month.

And unlike tomatoes, mortgage savings don’t suddenly increase by 45%.

My Take
The inflation headlines are giving major “we need to talk” energy.

Terrifying at first.

Usually less dramatic once you know the full story.

Yes, inflation moved higher.

Yes, groceries continue to test both our patience and our budgets.

And yes, tomatoes have fully entered their celebrity era and now require their own security detail.

But beneath the scary headlines, the bigger picture remains relatively stable.

Housing costs are easing.

Core inflation remains contained.

And according to Dr. Sherry Cooper, the Bank of Canada appears comfortable staying right where it is.

So before you cancel your vacation, build a bunker, or start growing tomatoes in your backyard as a retirement strategy, take a breath.

The economy isn’t perfect.

But it’s also not on fire.

Unlike the price of produce.

It has been a buyer’s market for a while now, but many buyers still feel stuck.

On paper, buyers have more choice, more time, and more negotiating power than they had during the peak frenzy. In Metro Vancouver, May 2026 sales were still below long-term seasonal averages, while active listings remained elevated compared to typical levels. That means buyers may have more selection than they have had in recent years. Greater Vancouver Realtors

But even with more inventory, buying a home still does not feel easy for many people.

Interest rates, qualification rules, monthly payments, closing costs, job uncertainty, and the fear of making the wrong decision are all very real. A buyer’s market does not magically make homes affordable. It simply changes the conversation.

Instead of rushing, competing, and removing conditions, buyers may now have more room to slow down and make better decisions.

That can mean:

Having time to review the property properly
Including financing and inspection conditions
Comparing more than one property
Negotiating on price, dates, or terms
Making decisions based on numbers, not panic

This is where mortgage strategy becomes so important.

A buyer’s market does not mean every buyer should buy. It means prepared buyers may have an opportunity to buy more strategically.

Before writing an offer, it is important to understand your full picture. That includes your down payment, closing costs, monthly payment comfort zone, credit, income, debt, and long-term goals.

The purchase price matters, but it is not the only number that matters.

A lower purchase price is helpful, but the real question is: can you comfortably carry the home, and does the mortgage strategy support your life?

Some buyers are waiting for rates to drop. Some are waiting for prices to drop further. Some are waiting because they are overwhelmed and do not know where to start.

There is nothing wrong with waiting if waiting is the right decision for you.

But if you are financially ready, this type of market may give you something that buyers did not always have over the last few years: breathing room.

More choice.
More time.
More ability to negotiate.
More opportunity to do proper due diligence.

The key is not to buy because the market says it is a good time.

The key is to buy when your numbers, your goals, and your comfort level all line up.

If you are wondering whether buying makes sense for you in today’s market, the best first step is not looking at listings. It is understanding your mortgage options, your monthly payment, and what you can comfortably afford.

Because a buyer’s market does not mean buying feels easy.

It means buying should be done with a plan.

Livian Smith
Dominion Lending Centres Producers West Financial

Our Door is Always Open!

Bank of Canada Holds Rates Steady: What It Means for Homeowners and Buyers

The Bank of Canada has once again held its overnight lending rate at 2.25%, choosing to leave rates unchanged amid ongoing economic uncertainty.

For Canadians wondering whether rates are going up, down, or staying put, today’s announcement provides an important signal: the Bank believes current interest rates are appropriate for the economic conditions we’re facing right now.

Why Did the Bank Hold Rates?

Several factors are influencing the Bank’s decision:

• Inflation remains elevated at 2.8%, although core inflation has eased closer to the Bank’s 2% target.

• Ongoing geopolitical tensions continue to impact global markets, particularly energy prices.

• Trade uncertainty remains a concern as Canada, the United States, and Mexico continue negotiations surrounding the future of CUSMA.

• Economic growth in Canada has slowed, but recent data suggests the economy may be stabilizing after a weak start to the year.

The Bank of Canada is walking a careful line between controlling inflation and avoiding additional pressure on an already soft housing market.

What Does This Mean for Mortgage Rates?

While the Bank of Canada rate directly impacts variable-rate mortgages and lines of credit, fixed mortgage rates are influenced more by bond markets.

Recent increases in bond yields and global uncertainty have placed upward pressure on fixed mortgage rates. However, today’s announcement suggests the Bank is not currently eager to increase borrowing costs further.

The current expectation among economists is that rates will likely remain stable through the remainder of the year.

Could Rates Still Go Higher?

It’s possible, but it is not the base-case forecast.

If inflation begins rising more broadly across the economy, the Bank could consider future rate hikes. However, policymakers are also aware that higher rates could further weaken housing activity and affordability.

For now, the most likely scenario is a period of stability while the Bank monitors inflation, economic growth, and global developments.

What Should Homeowners and Buyers Be Doing?
Rather than trying to predict every rate announcement, focus on building a mortgage strategy that fits your long-term goals.

Questions worth considering include:

• Does a fixed or variable rate align better with your comfort level?
• Are you planning to move, refinance, or renew in the next few years?
• Could a different mortgage structure help you pay off your mortgage faster?
• How would your finances handle future rate fluctuations?

Every situation is different, which is why mortgage planning should go beyond simply finding the lowest rate.

Final Thoughts

The Bank of Canada continues to take a cautious approach. While inflation remains above target, economic growth has softened, and uncertainty surrounding global trade and energy markets remains high.

For now, rates appear likely to stay where they are, giving homeowners and buyers a chance to focus on long-term financial planning rather than reacting to every headline.

If you have questions about your mortgage, upcoming renewal, purchase plans, or whether a fixed or variable strategy makes sense for you, I’d be happy to help.

Source: Adapted from analysis by Dr. Sherry Cooper, Chief Economist, Dominion Lending Centres.

Canada’s Economy Sends a Strong Message: Recession Fears Put on Hold

If you’ve been following the headlines lately, you’ve probably heard plenty of talk about a potential recession, economic uncertainty, tariffs, and rising costs. However, Canada’s latest employment report tells a very different story.

In May, the Canadian economy added an impressive 87,800 jobs, the strongest monthly gain since 2024. This significant jump surprised economists and suggests that Canada’s economy remains far more resilient than many expected.

What Happened?
Several key indicators showed strength across the country:

• Unemployment fell to 6.6%
• Full-time employment increased by 154,000 positions
• Employment gains were seen in construction, transportation, hospitality, manufacturing, and recreation
• British Columbia added approximately 25,000 jobs
• Ontario led the way with 42,000 new jobs
• Average wages increased by 3.0% compared to last year

Perhaps most encouraging was the broad-based nature of the gains. Employment increased among private sector workers, public sector workers, and across several major industries.

What Does This Mean for Interest Rates?

Whenever economic data comes in stronger than expected, one of the first questions people ask is:

“Will this cause the Bank of Canada to raise rates?”

While a strong labour market can create inflationary pressure, the answer is likely not anytime soon.

Canada’s housing market remains relatively fragile, and housing plays a much larger role in our economy than it does in the United States. Although inflation remains a concern, particularly with higher energy costs and ongoing global uncertainty, economists continue to believe that both the Bank of Canada and the U.S. Federal Reserve are unlikely to raise rates this year.

What This Means for Homeowners and Buyers

For Canadians considering buying a home, renewing a mortgage, or refinancing, this report is encouraging news.

A stronger job market generally means:

• Greater consumer confidence
• More stable household finances
• Improved economic growth
• Reduced recession concerns

At the same time, the Bank of Canada appears cautious about making any moves that could further pressure the housing market.

While no one can predict the future with certainty, today’s economic environment continues to support the view that interest rates are more likely to remain stable than move significantly higher in the near term.

My Take

As a mortgage broker, I always encourage clients to look beyond the headlines.

One economic report doesn’t tell the whole story, but this jobs report is an important reminder that Canada’s economy remains remarkably resilient despite higher borrowing costs, trade uncertainty, and global challenges.

If you’re wondering how today’s economic environment could impact your mortgage, renewal, refinance, or home-buying plans, let’s have a conversation. Every situation is unique, and the right strategy is about much more than simply chasing the lowest rate.

The goal is finding a mortgage that fits your life today while supporting your goals for the future.

Source: Dr. Sherry Cooper, Chief Economist, Dominion Lending Centres. This article is based on Dr. Cooper’s analysis of Canada’s May Labour Market Survey and related economic data.